Ethereum · Cointelegraph
Harmony proposes shutting down layer 1, migrating ONE to Ethereum
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Harmony proposed sunsetting its layer-1 blockchain and migrating ONE to Ethereum, weeks after an exploit led to plans to discard 109,000 transactions.
Key facts
- On Aug. 17, Harmony said it planned to revert the blockchain to an Aug. 11 checkpoint, discarding 109,126 regular transactions and 315 staking transactions
- On Aug. 12, Harmony said it was considering a rollback after reports that an attacker had minted nearly 4 billion unauthorized ONE, equivalent to about 26% of the supply
- Harmony proposed sunsetting its layer-1 blockchain and migrating ONE to Ethereum, weeks after an exploit led to plans to discard 109,000 transactions
- On Sunday, Harmony proposed taking a final network snapshot, issuing ERC-20 ONE tokens on Ethereum and migrating exchange listings
Summary
Ethereum-compatible layer-1 network Harmony proposed sunsetting its blockchain and migrating its native ONE token to Ethereum, seven years after launching its mainnet. On Sunday, Harmony proposed taking a final network snapshot, issuing ERC-20 ONE tokens on Ethereum and migrating exchange listings. Harmony described the proposal as non-binding and did not specify when the final block would be produced or whether the shutdown would be submitted to the network’s validator-led governance process. Under Harmony’s published governance rules, elected validators can create proposals, while unelected validators may vote, with voting power based on total stake.